Ayurcann Holdings Corp said it has been growing exponentially throughout Canada, as it entered new markets and increased sales in 2021.
The cannabis company said that it sold THC and CBD distillate containing over 1 billion milligrams of cannabinoids into the Canadian market for vapes, tinctures, topicals and edibles, working with top-selling brands throughout Canada in 2021.
Ayurcann entered Saskatchewan in December with Fuego vapes and Vida high potency oils, which were ranked as the second and fourth top-selling vapes in the province, the company said.
The Toronto-based company is planning to enter the Ontario, Manitoba, Alberta, and New Brunswick markets with its top-selling Fuego vapes, Vida tinctures, and glow topicals
READ: Ayurcann Holdings entering Ontario with its bestselling “Fuego” vapes
“We are thrilled to see our market penetration and revenues growing consistently,” said Igal Sudman, CEO of Ayurcann, in a statement.
He added: “With new partnerships and board listings growing in various categories throughout Canada, we are proud to be one of the very few in our peer group showing consistent positive operating income. We can confidently say that we fully expect to show continued profits, gain market share while building on our momentum.”
The company said that it has a capacity of over 300,000 kilograms (kg) of extraction and refinement, with services including bulk extraction, winterization, and fractional distillation.
Ayurcann noted that over 300 kg of THC and CBD inventory is available for bulk oil sale.
“We have increased bulk production up to 300,000 kilograms per year and have the ability to co-pack up to 3 million production products for the medicinal and recreational markets,” said Sudman.
He noted that the company is confident in extracting value for its shareholders and gathering market share in the industry. “We are confident that we will continue securing additional supply and manufacturing agreements with top-tier customers across the country, helping grow our top-line revenues.”
The company is currently working with 10 national and international brands for white-label product development and commercialization.
Contact Ritika at ritika@proactiveinvestors.com